Unclaimed Assets in Financial Sector

Campaign for Efficient and Faster Settlement of Unclaimed Funds in Financial Sector

Metro Cities Category – Bengaluru

Bengaluru: The State Level Bankers’ Committee (SLBC) Karnataka and Canara Bank organized a special camp on “Unclaimed Assets in the Financial Sector” at the Zilla Panchayat Auditorium, Bengaluru Urban. The camp, held as part of the nationwide campaign running from October 1 to December 31, 2025, witnessed active participation from over 200 individuals, including bankers, beneficiaries, and representatives from various implementing agencies.

The event was inaugurated by the presence of esteemed dignitaries including Shri. Yathish R, IAS, CEO, Zilla Panchayat Bengaluru Urban; Shri. Bhavendra Kumar, Executive Director, Canara Bank; Smt. Kaya Tripathi, Regional Director, Reserve Bank of India; Shri. Shambhu Lal, Chief General Manager, Canara Bank; Shri. Mahesh M. Pai, CGM Canara Bank Bengaluru Circle; Shri. M. Bhaskar Chakravarthy, Convenor, SLBC Karnataka and General Manager Canara Bank; Smt. Yashodha, CAO, Bengaluru Urban, alongside senior executives from the RBI and member banks.

At the outset of the meeting, Shri Shambu Lal, Chief General Manager, Canara Bank welcomed the dignitaries on the dais and stressed upon the importance of the campaign.

Shri. Bhavendra Kumar, ED, Canara Bank in his keynote address, emphasized,

Unclaimed deposits often accumulate due to inactive accounts, outdated nominee information, and gaps in digital literacy. These dormant funds, if activated, can serve as a vital source of strength for our economy.”

Banks and the agencies do have both a moral duty and, increasingly, a regulatory push to actively trace and repay every depositor whose money has become “unclaimed” rather than passively waiting for claims.

Smt. Kaya Tripathi, Regional Director, RBI, stated,

The RBI’s outreach drive exemplifies our resolve to address residential mobility, update nominee information, and raise digital literacy, especially in rural areas. Our banks are prioritizing outreach and ensuring a secure, transparent, and fraud-free claiming process. We urge all account holders to update their KYC details regularly to avoid future dormancy.

Presiding over the event, Shri. Yathish R, IAS, remarked,

“Directing unclaimed funds to their rightful owners boosts the economy, much like blood circulation strengthens the human body. Periodic campaigns should be held to maximize coverage and reach across communities.”

The camp concluded with the distribution of certificates to customers from various banks who successfully reclaimed their unclaimed deposits.